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Foreign Minister Sameh Shoukry met yesterday with UN Special Envoy for Syria Staffan de Mistura to discuss developments in the country, according to a ministry statement. Shoukry confirmed that Egypt would continue to push for a diplomatic solution to the crisis. Meanwhile, Egyptian companies continue to press ahead with lucrative reconstruction projects. Among these is […]
Author Archives: enterpriseam admin
Posted inEnergy
EETC issues tender for control center in Benban as developers complain of infrastructure issues
The Egyptian Electricity Transmission Company (EETC) issued a tender for a control center in Aswan’s USD 2.8 bn Benban solar park, according to company sources. The new center will manage the solar power plants under phase two of the feed-in tariff program, monitor production and progress on the development. ABB, Schneider, Siemens, General Electric, and […]
Posted inTourism
AccorHotels occupancy rates in Cairo exceed 85%
AccorHotels’ room occupancy rates are up significantly across their properties in Egypt, with rates in Cairo alone exceeding 85%, Managing Director Salah Oumouden tells Al Shorouk. Room bookings for the summer holidays rose 7% y-o-y compared to the same period last year, he added.
Posted inTelecoms + ICT
Telecoms are not happy about the government-imposed fee hike on phone lines
Mobile network operators are not too pleased that the government passed a bill imposing extra fees on mobile lines, according to Al Masry Al Youm. The move will adversely impact sales of new phone lines, said Orange Egypt VP Ashraf Halim. Sales are already hurting since the National Telecommunications Regulatory Authority (NTRA) forced MNOs to […]
Posted inLegislation + Policy
Have the gov’t and the House reversed their positions on settling building code violations?
House of Representatives chatter leaking into the press indicates that the government and parliament’s Housing Committee appear to have switched positions on legislation governing the settling of building code violations. Committee member Mohamed Abdel Ghany is saying that the committee would like to set a punitive fee of 15% of the property’s value for developers […]
Posted inEgypt Politics + Economics
Gov’t is in talks with investors to participate in Sinai development projects
The government is in talks with several private sector investors from different sectors to participate in its development projects in the Sinai Peninsula, Tahya Misr Fund board of trustees member Reham Abu Ismail says. Work on the first 500k feddans phase of the development project is expected to begin after the Eid El Fitr break, […]
Posted inEgypt Politics + Economics
El Sisi issues presidential pardon for several prisoners
President Abdel Fattah El Sisi issued a decree to pardon an unspecified number of prisoners to mark Eid El Fitr. The decision was published in the Official Gazette yesterday.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.80 | Sell 17.90 EGP / USD at CIB: Buy 17.78 | Sell 17.88 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Monday): 15,921 (-1.4%) Turnover: EGP 1 bn (91% BELOW the 90-day average) EGX 30 year-to-date: +6.0% THE MARKET ON MONDAY: The EGX30 ended […]
Posted inCALENDAR
14 June (Thursday): 2018 World Cup kickoff match between Russia and Saudi Arabia, Moscow, Russia. 15 June (Friday): Egypt’s first 2018 World Cup match against Uruguay, Yekaterinburg, Russia. 15-17 June (Friday-Sunday): Eid Al Fitr (TBC), national holiday (Look for possible Monday off given the first day falls on a Friday). 19 June (Tuesday): Egypt plays […]
Posted inWhat We're Tracking Today
What we’re tracking on 11 June 2018
Let’s get the *really* important news out of the way: You’re looking at a four-day weekend: At least if you work in banking or finance. The Central Bank of Egypt will observe Eid El Fitr through Monday, according to a statement it put out yesterday. Thursday is expected be the last day of Ramadan, with […]